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Short Sale

Nearly a quarter of the nation's mortgaged homes are valued for less than what individuals owe. In some regions 60% or more home sales have resorted to short sales. Despite the growing percentage of short sales, the number of real estate agents with knowledge and experience with short sales is severely limited. In response, Citywide Home Tours has knowledge  and can guide can guide you through the process of a short sale. Their consultation service is absolutely free. There is no upfront fee and the commission at the time of sale and closing on your property is paid by the lender.


 
Frequently Asked Questions
 
What is a Short Sale?
 
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower.
 
Would I qualify for a Short Sale?
 
There are 2 main qualifications for a good Short Sale candidate:
 
  1. A homeowner who needs to sell their home and cannot sell the home at a price to cover all liabilities on the property due to a declining market.
  2. A homeowner who has come across a hardship and can no longer afford to keep the property.
 
Note: You do not have to be behind on your mortgage payments to qualify for a short sale.
 
How long does it take?
 
The process to list the home can be done in as little as a few days. The short sale time frame depends on the bank. It can take as little as 4 weeks or as long as 4 months once an offer has been made on the house.
 
What if I don’t have money to pay the realtor commissions?
 
You as the seller do not have pay the realtor commissions, it comes out of the bank’s proceeds.
 
Are there any credit consequences to a Short Sale?
 
The general consensus is that a short sale is less harsh on credit scores than a foreclosure. However, you should consult a credit professional for more detailed information on the impact from the short sale.
 
Am I liable for the difference between what I owe and what the home sells for?
 
Before closing on a short sale, we request the lender releases the Seller from additional liability on the note. The liability issues should be consulted by an Attorney and your bank.
 
When should we start?
 
Now! A short sale can go very smooth if the mortgage is still current and it can still allow you to qualify for FHA financing without a waiting period of 3 years. This means that you can get back into home ownership sooner rather than later. If you are no longer current then we will work with the bank to try and avoid the foreclosure process, but we need to start soon.
 
Start by calling us at 832-865-0655 or 832-689-4601